2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.32 - REINSURER'S LIABILITY.

        507C.32  REINSURER'S LIABILITY.
         Notwithstanding a provision in the reinsurance contract or other
      agreement, the amount recoverable by the liquidator from reinsurers
      shall not be reduced as a result of delinquency proceedings.  Payment
      made directly to an insured or other creditor shall not diminish the
      reinsurer's obligation to the insurer's estate except when either of
      the following applies:
         1.  The contract or other written agreement specifically provides
      for another payee of the reinsurance in the event of the insolvency
      of the ceding insurer.
         2.  The assuming insurer, with the consent of the direct insured,
      has assumed the policy obligations of the ceding insurer as direct
      obligations of the assuming insurer to the payees under the policies
      and in substitution for the obligations of the ceding insurer to the
      payees.  

         84 Acts, ch 1175, § 32; 98 Acts, ch 1057, § 2